{"id":"C2004A03865","name":"Futures Organisations (Application For Membership) Fidelity Funds Contribution Act 1989","slug":"futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"117 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26399,"registerId":"commonwealth-C2004A03865-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Futures Organisations (Application For Membership) Fidelity Funds Contribution Act 1989","content":"![1.jpg](image.001.jpeg)\n\nFutures Organisations (Application for Membership) Fidelity Funds Contribution Act 1989\n\nNo. 117 of 1989\n\nAn Act to impose a tax on applicants for admission to membership of certain futures organisations\n\n\\[Assented to 14 July 1989\\]\n\nBE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:\n\nShort title\n\n1. This Act may be cited as the Futures Organisations (Application for Membership) Fidelity Funds Contribution Act 1989.\n\nCommencement\n\n2. This Act commences on the same day as Part 8.6 of the Corporations Act 1989.\n\nIncorporation\n\n3. The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Part 8.6 of that Act.\n\n  \nImposition of tax\n\n4. The tax by the name of futures organisation (application for membership) fidelity fund contribution that is payable under subsection 1234 (1) of the Corporations Act 1989 by a person who wishes to be admitted to membership of a futures organisation as mentioned in that subsection is imposed by this Act.\n\nAmount of tax\n\n5. The amount of the tax is such amount, being not less that $500 and not more than such amount as is prescribed, as is determined by the futures organisation concerned in respect of the person or in respect of a class of persons in which the person is included.\n\nRegulations\n\n6. (1) The Governor-General may make regulations prescribing maximum amounts for the purposes of section 5.\n\n(2) The regulations may prescribe different maximum amounts in relation to different futures organisations.\n\n\\[Minister’s second reading speech made in—\n\nHouse of Representatives on 25 May 1988\n\nSenate on 14 October 1988\\]","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1760},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original 1989 legislation. It maintains its narrow, specific purpose of imposing a tax on membership applicants to fund fidelity funds, exactly as described in the title and preamble."},"complexity_factors":["Only 6 short sections total","Single operative provision imposing the tax (section 4)","Minimal cross-referencing (sole reference to Corporations Act 1989)","No interpretation section or defined terms","Simple delegated legislative power limited to prescribing maximum monetary amounts"],"plain_english_summary":"This Act requires anyone applying to join a futures organisation (e.g., a futures exchange) to pay a one‑off “fidelity fund contribution” so new members contribute to the pool that compensates clients if a member defaults or acts dishonestly. The contribution must be at least $500 and cannot exceed regulatory caps (which the Governor‑General may set differently for different organisations). The Act operates as part of the Corporations Act framework."}},"importantCases":[],"_links":{"self":"/api/acts/futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989","history":"/api/acts/futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989/history","analysis":"/api/acts/futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989/analysis","conflicts":"/api/acts/futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989/conflicts","importantCases":"/api/acts/futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989/important-cases","documents":"/api/acts/futures-organisations-application-for-membership-fidelity-funds-contribution-act-1989/documents"}}